Meeting Minutes

June 11, 2014

Present:             Ray Gillen, Bob Wall, Sharon Jordan, Ed Capovani, Bill Chapman, Bob Mantello and Karen Zalewski-Wildzunas

Absent:              John Mallozzi, Neil Golub, Brad Lewis and Janet Hutchison

Others:           Jayme Lahut, Jim Callander, David Hogenkamp and audience of 1

Call to Order:    Mr. Gillen called the meeting to order at 6:00 p.m.

1.       Approval of Minutes: Ms. Jordan moved adoption of the May 2014 meeting minutes; seconded by Mr. Wall and approved.

2.       Treasurer’s Report: Mr. Wall reviewed the Treasurer’s Report for the period ending May 31, 2014, which was distributed prior to the meeting. He noted that the final figure for the first quarter sales tax receipts was not available yet and operating expenses continued to track under budget. Predevelopment expenses were tracking above budget year-to-date. Cash on hand was $12.2 million reflecting receipt of bond proceeds in January. Following brief discussion, Ms. Jordan moved to accept the Treasurer’s Report; seconded by Mr. Mantello, and approved.

3.       Quirky Inc. Project: Resolution 903-14 — Adopt General Project Plan

Metroplex held a public hearing on the project on May 28 and no written or oral comments were received. Resolution 903-14 authorized a Metroplex grant in the amount of $450,000 for leasehold improvements, tenant fit-up and other eligible expenses related to the establishment of the Schenectady office plus discounted parking for employees for one year.  Quirky Inc., a New York City based product development company, has leased 22,000 square feet of office space in Center City occupying the entire 4th and 5th floors. Quirky is investing over $1.4 million and anticipates hiring up to 180 employees. Mr. Wall moved Resolution 903-14; seconded by Mrs. Zalewski-Wildzunas. Following discussion, Resolution 903-14 was approved.

4.        Eastern Avenue Revitalization Project: Resolution 904-14 —  Award Demolition Contract

Five firms bid the work to remove asbestos materials, demolish structures, and perform final grading and seeding at 722, 803, 821 and 870 Eastern Avenue in the City of Schenectady.  Dan’s Hauling & Demo of Albany submitted the low bid of $138,563.  Demolition funding is provided by City of Schenectady IDA, which has authorized Metroplex to administer and remove unsafe buildings along Eastern Avenue.  Ms. Jordan moved Resolution 904-14; seconded by Mr. Capovani and approved.

5.        Lofts II at Union Square Project: Resolution 905-14 —  Adopt General Project Plan

The project at 525 Union Street transforms a vacant lot into 10 loft-style downtown apartments with 2,370 square feet of ground floor retail space. The developer previously completed the adjoining Town Homes rowhouses on the same site. Resolution 905-14 authorized a $90,000 grant and an exemption from sales and use taxes, mortgage recording taxes and a Metroplex Pilot pursuant to §2667 of the Metroplex statute.  Mrs. Zalewski-Wildzunas moved Resolution 905-14; seconded by Ms. Jordan. After discussion, Resolution 905-14 was approved.

Public Comment: None

Board Comment:
  None

Adjournment: Mrs. Zalewski-Wildzunas moved to adjourn, seconded by Ms. Jordan. The meeting was adjourned at 6:25 p.m.

Respectfully submitted,

Jayme Lahut
Executive Director